CAPITALIZED SOFTWARE DEVELOPMENT COSTS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| CAPITALIZED SOFTWARE DEVELOPMENT COSTS |
4. CAPITALIZED SOFTWARE DEVELOPMENT COSTS
In 2020, the Company began developing MARKET.live, a livestream ecommerce platform, and has capitalized $7,131 of internal and external development costs as of September 30, 2024 and December 31, 2023, respectively. In October 2021, the Company entered into a 10-year license and services agreement with a third party (the “Primary Contractor”) to develop on a work-for-hire basis certain components of MARKET.live. The Primary Contractor’s fees for developing such components, including the license fee, is $5,750. The Primary Contractor was paid an additional $500 bonus in April 2022 for services rendered pursuant to the license and service agreement.
For the three and nine months ended September 30, 2024 and 2023, the Company amortized $249 and $538, respectively and $748 and $1,615, respectively.
Capitalized software development costs, net consisted of the following:
The expected future amortization expense for capitalized software development costs as of September 30, 2024, is as follows:
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